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Home > News & Events > 2007 Banking and Consumer Regulatory Policy

Press Release

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Release Date: May 29, 2007
For immediate release
The Federal Reserve Board on Tuesday announced the approval of a final rule that would
implement section 601 of the Financial Services Regulatory Relief Act of 2006, which eliminated
several statutory reporting and disclosure requirements relating to insider lending by insured
depository institutions. The Board proposed and supported eliminating these statutory reporting
and disclosure provisions because the federal banking agencies have not found them particularly
useful in monitoring insider lending or preventing insider abuse.
The final rule amends the Board's Regulation O (12 CFR part 215) to reflect the elimination of
these reporting and disclosure requirements. Regulation O implements statutory restrictions on
the ability of insured depository institutions to extend credit to their executive officers, directors,
principal shareholders, and to related interests of such persons ("insiders"). The final rule does
not alter the substantive restrictions on loans by insured depository institutions to their insiders or
to insiders of their correspondent banks.
The Board's notice is attached.
Attachment (37 KB PDF)

2007 Banking and Consumer Regulatory Policy

Last update: May 29, 2007

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